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Oh That hurts, The ding of a foreclosure will damage your credit significantly for three years or more. Having lived through that I can tell you it is not a place you want to get hit in (if you know what I mean), unless you absolutely have no other choice.
You can probably go six months before they actually take your home. A lot can be done in six months. The banks and mortgage companies do not want you home. They already have far too many homes to sell.
If there is anything that can be done they will help you as long as you are doing all you can do.
Should foreclosure become a reality, you need an real estate attorney. You have rights in this process so you need to
have a legal expert calling the shots.
I went through this once in my life. My business failed after Sept. 11th 2001. I could have saved my home but I was so mentally depressed, I could not think straight. So, don’t be affraid to see your doctor to help you through this process.
You can not afford to loose sleep, get down on yourself and emotionally give up. You can get through this but fight the urge to give up and quit. Get all the help you need.
If you have faith, pray for strength, wisdom and guidance. You will survive this even if you end up loosing your home. This experience will make you bitter or better. Which road do you choose to travel?
Kirt Eure
freddie mac foreclosures…
Found it very useful….
Foreclosure is never fun, but this year it will happen to a lot of us. The rules are changing daily and the lenders are finally starting to cooperate - not a lot - but just a little. If you can’t pay your house payments and you have an ARM (adjustable rate mortgage) or a NAM (negative amortization mortgage)and thru loss of job or other circumstances, you may qualify for a loan reduction.
Call you bank and see if you qualify.
If you’re already behind on your mortgage payments or are struggling to make ends meet, it may be time to take action to save your home with the assistance of Nations Group Modification, Inc.
The real estate crisis is wreaking havoc on honest, hard-working Americans every day. If you’re a victim of unscrupulous lending practices or escalating mortgage rates, or if your income has taken a hit due to economic conditions, you need help. Loan Modification is the best tool available to you to save your home from foreclosure with the help of Nations Modification Group, Inc.